{
  "id": 17788514,
  "title": "MSMEs account for 96% of businesses, contribute 48% to Nigeria’s GDP – Minister",
  "url": "https://urgent.news/2026/11/02/msmes-account-for-96-of-businesses-contribute-48-to-nigerias-gdp",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-02T11:44:36.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/11/02/msmes-account-for-96-of-businesses-contribute-48-to-nigerias-gdp-minister/"
  },
  "original_language": "en",
  "account": "Micro, Small and Medium Enterprises (MSMEs) make up 96% of businesses in Nigeria, contributing 48% to the nation's Gross Domestic Product (GDP) and providing 87% of employment, as stated by Sen. John Owan-Enoh, the Minister of State for Industry. Owan-Enoh emphasized MSMEs as the backbone of the Nigerian economy, highlighting their vital role in national productivity, employment, and economic growth. He stressed the importance of supporting small businesses and enhancing their operating environment. The town hall meeting, organized by the Directorate of Manufacturing and MSME of the All Progressives Congress (APC) Presidential Campaign Council, marked the first public appearance of the Directorate ahead of the APC presidential campaign rally in Cross River State. Owan-Enoh praised Cross River State Governor Bassey Otu for reviving the Micro-Enterprise Development Agency (MEDA), viewing it as crucial for supporting small businesses. Furthermore, an Memorandum of Understanding (MoU) was announced with a South Korean team for electric vehicle manufacturing in the state. The Federal Government has launched various initiatives to bolster small businesses, expand local manufacturing, and improve value addition in Nigeria's agricultural sector. The Bank of Industry unveiled an €85 million financing facility in July 2026 to boost Nigeria's cocoa processing industry, enhance local value addition, and lessen reliance on raw cocoa exports.",
  "summary": "Micro, Small and Medium Enterprises (MSMEs) account for 96% of businesses in Nigeria, contribute 48% to the country’s Gross Domestic Product (GDP) and provide 87% of employment, according to the Minister of State for Industry, Sen. John Owan-Enoh. The post MSMEs account for 96% of businesses, contribute 48% to Nigeria’s GDP – Minister appeared first on Nairametrics .",
  "key_points": [
    "MSMEs comprise 96% of Nigerian businesses",
    "Contribute 48% to Nigeria's GDP",
    "Employ 87% of the workforce"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}